Atlas Capital pays $29M for electric vehicle developer’s HQ
The firm will lease back the 2 buildings in Gardena to the seller, Faraday Future
Atlas Capital Group paid $29 million for the headquarters of an electric vehicle developer, in a deal that included an immediate leaseback to the seller.
The New York-based real estate investment firm — acting through Atlas V Gardena LLC — acquired the 125,900-square-foot property, actually two buildings at 18455 S. Figueroa Street and 501 W. 190th Street in Gardena. The deal was first reported by The Verge without a price.
The financially-struggling electric vehicle developer Faraday Future sold the property. Records show it paid $13.25 million for the building at 18455 S. Figueroa St. in 2014. It paid $7.5 million for the one at 501 W. 190th Street the following year.
A Faraday Future spokesperson said in an email that the sale will allow the firm to direct resources toward delivering its new electric vehicle model later this year.
Meanwhile, Atlas Capital is busy working on getting entitlements for a market-rate residential project that will add 725 units to Chinatown. [The Verge] — Gregory Cornfield